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Grupo Aeromexico reported its second best first quarter despite a 24% increase in fuel prices.

Revenues reached a record high of MXP $9,228 million with 17% year over year growth, driven by strong passenger traffic and an increasing load factor.

EBITDAR reached MXP $1,484 million pesos with a margin of 16.1%, the second highest level in the Company's history despite a significant fuel price increase.

Quarterly operating profit was MXP $452 million with an operating margin of 4.9%; the second best result for a March quarter in the Company's history. Net income for the first quarter was MXP $135 million, with a net margin of 1.5%.

As part of its expansion plan, the Company increased its fleet by two Embraer 190 aircraft with benefit of its BNDES credit line and also returned one Embraer 145.

Grupo Aeromexico's cash position was MXP $3,609 million at the end of March 2012; MXP $2,285 million greater than that of March 31, 2011. During the quarter, the Company made payments of approximately USD $50 million, related to its airplane acquisition program, the expansion of the overnight platform in Mexico City, and made payments in excess of USD $10 million for the amortization of financial debt not related to aircraft acquisition. Net financial debt, which deducts the unrestricted cash position from financial debt, ended in a negative balance of MXP $42 million. Stockholders' equity was MXP $5,412 million as of March 31, 2012.

The Company adopted the International Financial Reporting Standards (IFRS) on January 1, 2012 and made accounting changes related to its cargo business unit.

About Grupo Aeromexico Grupo Aeromexico operates its main hub out of Terminal 2 in the Mexico City International Airport. The Group's airlines operate over 550 daily flights to different cities in Mexico, the United States, Canada, Central and South America, and Europe and Asia. Aeromexico is a founding member of SkyTeam, the global airline alliance comprised of 15 airlines.

Safe Harbor Statement This release contains forward-looking statements regarding the Company's results and business prospects. The readers should know that the results obtained may differ from that stated on this release. Past performances do not guarantee the behavior of future performances. The Company undertakes no obligation to update any of these statements, either as a result of new information, future actions or other related events.

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